08:24 AM EST, 01/09/2025 (MT Newswires) -- Boralex ( BRLXF ) on Thursday said it and partner Walpole Island First Nation closed on a $172-million financing for the Tilbury battery-storage project in Ontario.

The renewable-power company said the financing package is made up of a $120-million construction loan which will convert into a five-year term loan amortized over 20 years when the project starts commercial operations, as well a $45-million bridge loan and a $7-million letter of credit.

"Today's financing announcement is a milestone for the Tilbury Battery Storage project, reinforcing our commitment to offering sustainable and innovative energy solutions," chief financial officer Bruno Guilmette said in a release.

The project, in Lakeshore, Ontario, will store 80 megawatts of electricity to meet peak power demand in the province.

Boralex ( BRLXF ) shares closed down $1.63 to $27.40 Wednesday on the Toronto Stock Exchange.